Northern Trust has been awarded a GBP300m (approximately USD570m) mandate from London Borough of Hounslow for custody and commission recapture. “We selected Northern Trust as we knew we could look forward to a long term relationship based on trust,” says Alan Steele, the Director of Finance at London Borough of Hounslow. “Northern Trust’s long experience in serving the local government pension scheme (LGPS) sector and its strong existing LGPS franchise were very important to us.”
“Northern Trust provides custody services to approximately one third of all UK local government pension schemes, and has a dedicated service team focusing on meeting the unique requirements of Local Government schemes,” adds Ben Williams-Thomas, an asset servicing business development manager at Northern Trust. “Serving the LGPS sector is an important part of our UK custody business development strategy. We are delighted to have been selected by the London Borough of Hounslow. This selection underlines the importance of our experience and client service driven and consultative approach.”
The London Borough of Hounslow considered four main attributes in selecting a custodian, including; clarity of reporting, financial standing, price and references from other pension funds. Technology was a key differentiator for Northern Trust, as it delivers the specific regulatory reporting which LGPS clients require from a single integrated platform.